From Starbucks' (SBUX) FQ3 conference call: After earlier sending execs to the "problem spot" of Western Europe, it will close unprofitable stores on the continent over the rest of the year. Despite an EPS miss, CEO Howard Schultz would take Q3's comp-store growth (7% U.S.; 6% global) "any quarter over the 41-year history of the company." Lower Q4 numbers are a "very conservative approach" but execs believe strongly in 15-20% growth guidance for 2013, with expectations to benefit from lower commodity costs. Shares now -10.3% AH. (earnings; call transcript)

More from Starbucks' FQ3 miss: The firm lowers guidance for FQ4 to EPS of $0.44-$0.45 (vs. $0.48) and revenue growth of 10-12% to "reflect the difficult economic environment all global retailers are confronting today," but affirms earnings growth of 15-20% in fiscal 2013. U.S. same-store sales up 7%; global up 6%. SBUX now -8% AH.

Starbucks (SBUX+2.7%) outperforms ahead of today's FQ3 report. Whole Foods' results are fueling optimism that food and beverage spending among upscale U.S. consumers remains strong. The Street will be paying close attention to Starbucks' coffee costs (contracted at higher prices, but expected to decline going forward), and the performance of its EMEA ops, which saw a 1% sales decline last quarter.

Peet's Coffee (PEET) is being acquired by German holding company Joh A. Benckiser for $73.50/share in cash, or $1B. The price represents a 28.6% premium to Peet's Friday close. Shares are halted. SBUX-3.1%, lower with the market. GMCR+5.4%. JVA+16.4%. DNKN could also be volatile.

In addition to Whole Foods, many fast-food, restaurant, and coffee chains are falling due to Chipotle's (CMG-22.4%) revenue miss and soft guidance, with upscale names particularly in the crosshairs. PNRA-4.5%. SBUX-3.2%. BWLD-5.5%. BJRI-4.9%. DNKN-3.5%. YUM-2.8%. TXRH-3.3%. Chipotle has been seen as best-of-breed in the fast-food space (and valued accordingly): it's little surprise a top-line miss and comments about slowing traffic growth are raising alarm bells.

African safari: Execs with coffee companies are looking to the depths of Sudan to find a new coffee bean that will support increased production and be climate-resistant. Demand has been outpacing supply in the industry, keeping coffee players such as SBUX, GMCR, PEET, and JVA eager to reign in commodity prices with a magic new bean.

Starbucks (SBUX+1.5%) starts to fall out of favor in the Big Apple as a host of new mini-chains start to chip away at the company's 200-store stable in the city, according to Slate. At issue: The backlash of finicky NYC consumers as Starbucks implements minor changes - such as limiting laptop use and removing cushy chairs - to keep traffic moving along at high-rent stores.

Starbucks (SBUX+0.2%) says its factory in Georgia will start making products that are currently produced in Columbia and Switzerland. A localization of its supply chain is expected to be a common theme at the company in order to lower costs.

Selling coffee to the bereaved: Starbucks (SBUX) plans to open a store inside a funeral home in South Carolina. Though the company says it will maintain a low-profile at the location, it maintains the move follows a growing pattern of placing stores embedded into high-traffic areas.

Starbucks (SBUX) debuts a new product across the U.S. that combines green coffee extract and natural fruit juice in a bid to increase afternoon traffic at its stores. The company's latest concoction hits the energy drink market just as a greater focus on beverage calorie count is in play.

Select Atlanta-area Starbucks (SBUX-1.4%) locations join stores in Chicago and the Pacific Northwest in offering beer and wine to customers. By all appearances, the Starbucks alcohol initiative seems to be advancing beyond "pilot program" status to a broader plan to boost profits.

Starbucks (SBUX) begins to quietly add more locations that serve beer and wine, with a new store in the Chicago area marking the first alcohol-serving location outside its Pacific Northwest base. The company has been rather quiet about its beer and wine plans, with concerns about alienating its loyal customer base factoring in. At a minimum, offering alcoholic beverages at locations embedded in high-traffic areas such as malls and hotels could make strategic sense for the company as it tests how turning baristas into bartenders hits its bottom line.

Starbucks Corp is the roaster, marketer & retailer of specialty coffee in the world, operating in 65 countries. It sells a variety of coffee & tea products. It sells goods and services under brands under Teavana, Tazo, Seattle's Best Coffee, etc.